Yahoo Finance Foxtons: ‘Value of homes under offer best since Brexit’
Estate agent Foxtons said improved market conditions helped drive housing sales revenue by 17 per cent in the first quarter of the year, with the value of homes under offer the best since Brexit.
The London-focused property group reported a 17 per cent leap in sales revenue in the quarter to £9.5m, up from £8.1m in the same period the year before.
At the end of March, the business said the value of the under-offer pipeline was 34 per cent higher than in 2023 and 12 per cent higher than in 2022, the highest value since the 2016 Brexit vote.
“This under-offer pipeline is expected to support further revenue growth in the second quarter, supported by an improving sales market backdrop as mortgage availability and rates have both stabilised, alongside good levels of available stock,” it said.
Meanwhile, revenue at its lettings business rose five per cent year-on-year to £24m. The firm said it had noticed a normalising in supply and demand and rental costs.
Financial services revenge rose 16 per cent to £2.3m in the first quarter. Overall, the group reported revenue of £35.7m in the period, up nine per cent compared to the same period in 2023.
Guy Gittins, chief executive officer said: “This has been a strong start to the year with our revenue growth demonstrating the real momentum we have built across the business.
“Last year we regained our number 1 position in London and delivered significant growth in our market share of property instructions across both Lettings and Sales. The business is now focused on converting these listings to transactions as we deliver results for our clients.
He said: “Sales revenue was up 17 per cent, reflecting improved market conditions and Foxtons’ continued growth in market share as the operational improvements we made last year took effect. We entered the second quarter with the highest value under-offer Sales pipeline since the 2016 Brexit vote, giving us optimism for the rest of the year.”
Foxtons is currently under pressure from shareholders to sell its business for £160m by the end of the year.
